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The Dogecoin price has witnessed a notable decline amidst this wider bloodbath, as it is currently down by 8% in 24 hours. Nonetheless, Dogecoin continues to attract bullish sentiment despite the market crash.
Cryptocurrency prices have declined massively in the past 24 hours, with the global crypto market cap declining by a little over 4% in the past day. Notably, this decline has seen over $1.75 billion worth of crypto positions liquidated in the past 24 hours, according to CoinGlass data, with $1.56 billion of these coming in long positions.
Analyst Says Dogecoin Price Target Still Remains $3
Despite the recent correction, crypto analyst Ali Martinez has reaffirmed his ambitious price target for Dogecoin, sharing his insights on the platform X. According to Martinez, the ongoing market correction presents an opportunity rather than a setback, and Dogecoin is still in the early stages of its bull cycle.
Martinez emphasized his long-term optimism for Dogecoin, highlighting a specific price range as a strategic buying zone. His outlook emphasizes that despite the current “crypto market bloodbath,” Dogecoin’s fundamentals and growth potential remain intact. With this in mind, Martinez’s suggested accumulation range lies between $0.30 and $0.40. These are levels that look favorable for those aiming to capitalize on Dogecoin’s trajectory.
This accumulation range is highlighted by an uptrend channel through a Dogecoin weekly candlestick chart that accompanied his prediction. According to the price chart, the Dogecoin price has been trading in an uptrend channel since 2017, which has seen a consistent pattern of higher highs and higher lows.
Recent market dynamics in the past few months have seen the Dogecoin price embark on an upward move in the uptrend channel. As it stands, the primary target is $3, which has significance in the uptrend channel. This is largely because if the Dogecoin price were to reach the middle of this channel this cycle, it would translate to a price range just below $3.
The Bigger Picture
Martinez’s analysis extends beyond the $3 target, hinting at even greater possibilities in the event of an extraordinary rally. While $3 remains the immediate goal, he suggested that the Dogecoin price could reach as high as $18 in the current cycle. This higher target aligns with the technical framework of Dogecoin’s established uptrend channel, where $18 corresponds to the channel’s upper boundary.
At the time of writing, Dogecoin is trading at $0.408, reflecting a slight recovery from a recent dip to $0.388 in the past trading day. If Dogecoin manages to maintain its position within this ascending channel and break through key resistance levels, we could see the meme coin reaching new all-time highs very soon.
Speaking of a quick new all-time high, the general consensus is that Dogecoin is still on track to breaching $0.7316 very soon. Crypto analyst Cantonese Cat cautioned investors to be prepared for rapid movements as technical indicators suggest that the Dogecoin price could reach $1 or $2 sooner than expected.
Featured image created with Dall.E, chart from Tradingview.com
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